Liam Cavanagh

Ultimate Finance expands maximum bridging loan size and slashes rates

Ultimate Finance has announced that it is increasing the top limit on its bridging finance to £2.5m, up from £1.5m.

The specialist lender is also set to reduce the headline rate for its bridging offering to 0.79% per month, down from 0.95%.

Ultimate Finance revealed that its bridging finance loan book grew close to £40m last year, representing a year-on-year increase of 23.5%.

In an exclusive interview with Bridging & Commercial, Liam Cavanagh, head of bridging finance at Ultimate Finance (pictured above), said: “We’re committed to supporting UK businesses, and offering flexible funding options is key to this, which is why we’ve taken the strategic decision to both increase the maximum size of our bridging loans, while simultaneously decreasing our monthly rate. 

“As a business, we evolve our products and services in response to the needs and expectations of both our brokers and their clients, so this decision enables our brokers to connect a much wider spectrum of property investors and developers with our product portfolio, ensuring we offer the flexible finance they need to finalise property deals.”

Ultimate Finance recently introduced facial recognition and secure communication technology for its funding application process.

“…We’re always looking at technologies, or better ways to improve our processes to make life easier for our clients and to make the process for everyone as slick and efficient as it can possibly be,” Liam added. 

“I’m always looking for technologies that can improve that.”

Despite this, he claimed that Ultimate Finance would not become “a business where technology takes over”. 

“In terms of bridging, I do think one of the key service elements is the salesperson, or their role in that relationship with the broker and the clients. 

“…We’re not looking to get rid of that because I think that’s something that’s really strong; that human touch, so to speak. 

“It’s something that we pride ourselves on. 

“It’s about enabling ourselves … through technology, rather than replacing with technology.”

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